EIA ups global oil consumption forecast

Global consumption of petroleum and other liquids will stand at 98.41 million barrels per day in 2017 and to 100.02 million barrels per day in 2018, said the US Energy Information Administration’s (EIA) August 2017 Short-Term Energy Outlook (STEO).

In its July STEO, the EIA forecast global consumption of petroleum and other liquids at 98.39 million barrels per day in 2017 and at 100 million barrels per day in 2018.

Global consumption of oil and other liquids stood at 96.99 million barrels per day in 2016, according to the EIA.

Liquid fuels consumption in non-OECD (Organization for Economic Co-operation and Development) countries will grow from 50.16 million barrels per day in 2016 to 51.29 million barrels per day in 2017 and 52.53 million barrels per day in 2018, according to EIA.

OECD liquid fuels consumption will increase from 46.83 million barrels per day in 2016 to 47.12 million barrels per day in 2017 and 47.49 million barrels per day in 2018, the report said.

Meanwhile, OPEC crude oil production is expected to average 32.53 million barrels per day in 2017 and 32.96 million barrels per day in 2018.

This is while in July STEO, EIA expected OPEC oil supply to stand at 33 million barrels per day in 2018. EIA forecasts for OPEC crude production for 2017 have remained unchanged.

As for non-OPEC countries, the Energy Information Administration forecasts petroleum and other liquids supply in these countries at 58.98 million barrels per day in 2017 and 60.10 million barrels in 2018.

In May 2017, the OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.